GeneDx (NASDAQ:WGS) Shares Gap Down – Here’s What Happened

Shares of GeneDx Holdings Corp. (NASDAQ:WGS) gapped down before the market opened on Monday . The stock had previously closed at $68.43, but opened at $66.36. GeneDx shares last traded at $69.32, with a volume of 72,210 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently commented on WGS. TD Cowen boosted their price target on GeneDx from $46.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group upped their price target on GeneDx from $54.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Craig Hallum boosted their target price on GeneDx from $70.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. BTIG Research upped their target price on GeneDx from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price target on GeneDx from $34.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, GeneDx presently has an average rating of “Moderate Buy” and a consensus target price of $59.33.

GeneDx Price Performance

The company has a 50-day moving average of $55.94 and a 200 day moving average of $37.97. The company has a quick ratio of 2.27, a current ratio of 2.40 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $1.97 billion, a PE ratio of -23.73 and a beta of 2.11.

GeneDx (NASDAQ:WGS) last issued its earnings results on Tuesday, October 29th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.25. The business had revenue of $76.90 million during the quarter, compared to analysts’ expectations of $64.98 million. GeneDx had a negative net margin of 31.25% and a negative return on equity of 13.35%. The company’s quarterly revenue was up 44.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.82) earnings per share. Sell-side analysts predict that GeneDx Holdings Corp. will post -0.24 EPS for the current year.

Insider Buying and Selling at GeneDx

In other news, CFO Kevin Feeley sold 895 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $33.33, for a total transaction of $29,830.35. Following the sale, the chief financial officer now owns 39,910 shares of the company’s stock, valued at approximately $1,330,200.30. This represents a 2.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder School Of Medicine At Mo Icahn sold 865,800 shares of GeneDx stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $75.00, for a total transaction of $64,935,000.00. Following the completion of the transaction, the insider now owns 2,866,833 shares of the company’s stock, valued at $215,012,475. This trade represents a 23.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 873,024 shares of company stock valued at $65,256,131 over the last quarter. 27.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WGS. Renaissance Technologies LLC purchased a new stake in GeneDx during the 2nd quarter worth about $2,362,000. Lisanti Capital Growth LLC purchased a new stake in GeneDx during the third quarter worth approximately $1,554,000. Millennium Management LLC lifted its position in GeneDx by 193.5% in the second quarter. Millennium Management LLC now owns 311,401 shares of the company’s stock valued at $8,140,000 after acquiring an additional 205,318 shares during the last quarter. Chartwell Investment Partners LLC acquired a new stake in shares of GeneDx during the third quarter worth about $1,722,000. Finally, Algert Global LLC purchased a new stake in shares of GeneDx in the 2nd quarter valued at about $356,000. 61.72% of the stock is currently owned by hedge funds and other institutional investors.

About GeneDx

GeneDx Holdings Corp., through its subsidiaries, provides genomics-related diagnostic and information services. The company offers Centrellis, an AI-driven health intelligence platform that integrates digital tools and artificial intelligence allowing scientists to ingest and synthesize clinical and genomic data to deliver comprehensive health insights.